Yan Nigeria
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that several bank staff members are responsible for the coordinated cyber attacks on Nigerian banks.
According to him, the bankers in question grant access to local and international hackers.
He made the claim during an interview on TVC News. Olukoyede exposed how “insiders within the banks” collaborate with hackers operating remotely from regions like Eastern Europe and the United States to take control of bank platforms and swiftly transfer billions of naira out of the systems.
Olukoyede: “These cyber attacks are sophisticated, involving both local and international actors, often aided by rogue employees who provide critical access.
“Once access is granted, external collaborators remotely commandeer bank systems, moving billions within seconds.”
According to Olukoyede, six banks have been targeted in these coordinated attacks.
The EFCC has successfully recovered large sums in three operations, including ₦9.7bn, ₦6.7bn, and ₦3.7bn.
He said the EFCC had arrested key suspects who are cooperating with investigators and assisting in identifying others still at large.
He also urged bank executives to strengthen internal controls and carry out thorough audits to prevent future breaches by insider collaborators.
“We are managing public communication carefully to prevent panic, but rest assured, we are on top of this situation,” Olukoyede assured.
The EFCC chairman further revealed the agency’s ongoing efforts to recover funds from cryptocurrency wallets linked to the notorious CBEX Ponzi scheme.
He said the masterminds, often foreign nationals, exploit credible Nigerians to lend legitimacy to their scams.
Funds from victims were moved through complex wallet transfers, sometimes ending up in Eastern Europe and Cambodia. Although some wallets have been frozen, investigations are ongoing.
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